Car manufacturers, including General Motors (GM), Toyota Motor (TM), Volkswagen and Hyundai, are requesting the US House of Representatives to block California's plan to completely ban the sale of gasoline-only cars by 2035, Reuters reported Monday, citing a letter by the Alliance for Automotive Innovation.
The US Environmental Protection Agency in December 2024 granted California a waiver to allow at least 80% electric vehicles by 2035. The House is scheduled to vote later this week on legislation to repeal the waiver, the news report said.
Eleven states have already adopted this regulation, the report added.
The Alliance for Automotive Innovation, the trade association and lobby group whose members include international car and light-duty truck manufacturers, said the regulation will force the automakers to "substantially reduce" overall car sales to boost electric vehicle sales, the report states.
The Alliance for Automotive Innovation didn't immediately respond to a request for comment from MT Newswires.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Price: 47.50, Change: +0.39, Percent Change: +0.83
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.